Though all evidence shows that President Obama’s first-term economic initiatives resulted in anemic growth, the president continues to push for more government stimulus spending, new social programs, higher taxes on upper-income earners, subsidies for some industries and increased regulation for all of them. Instead of continuing to expand the bloat of government debt, President Obama should consider more spending cuts, says Michael Boskin, a senior fellow at the Hoover Institution.
- The $825 billion stimulus of 2009 cost hundreds of thousands of dollars per job but yielded no short-term economic growth.
- Despite the stimulus’ failures, Obama is pushing for universal preschool ($25 billion a year), Fix it First infrastructure repairs financed through an infrastructure bank ($50 billion) and Project Rebuild to refurbish private properties in cities ($15 billion).
- He is also pushing for more green energy subsidies, an increase in the minimum wage and tax increases equal to half of the sequester’s $85 billion in cuts.